Tech giant 3M continues growth after acquiring Treo Solutions

3M, the Fortune 100 conglomerate, on Thursday reported net income of $1.2 billion in the first quarter of 2014, which ended March 31.

The news comes after 3M (NYSE: MMM) earlier this month finalized its purchase of Treo Solutions, a company near Troy, NY, that analyzes health care data.

While terms of the purchase agreement have not been disclosed, the 3M earnings report Thursday portrays the magnitude of Treo's ascent during the past 12 years.

Prior to joining 3M, Treo's annual revenue had more than doubled in three years, reaching $27.6 million. That’s compared to more than $31 billion for 3M.

The earnings report shows 3M spent $293 million connected to buying new operations, equipment and property during the first quarter of 2014, according to the U.S. Securities and Exchange Commission filing.

On April 1, 3M, the international business with 89,000 employees and headquartered in Minnesota, announced it acquired Treo.

The deal sprang from Treo, a 180-employee company in New York's Capital Region, distinguishing itself as an industry leader, just 12 years after being formed from the ashes of a failed consulting business.

3M and Treo declined to discuss details of the purchase.

Jon T. Lindekugel, president of 3M Health Information Systems, trumpeted the deal, saying in a release Treo succeeded by adapting to the ongoing shifts in health care.

"The acquisition of Treo is a significant step for 3M," he stated, adding the merger is part of an effort to improve how hospitals, doctors and health insurers use data, such as medical records.

Many of the health care reforms -- such as the transition to new computer systems -- are connected to the federal Affordable Care Act, which is expanding health insurance coverage and overhauling other regulations.

Treo also has offices in Denver, Colorado, and Overland Park, Kansas, though a majority of its workers are located in the Rensselaer Technology Park in North Greenbush, New York.